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Aug 12, 2013
08/13
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new buildings so what does detroit we do to make it out of the bankruptcy? >> there's been a lot of great things happening and we have been involved with that over the last two or three years to invest in the city. private investment is that the l-time high. that is certainly difficult but it isong overdue that this hpened so we have to address the problems of this city in the bankruptcy is difficult but it is giving us the opportunity to deal with legacy issues to come out the other side. we have to get through the bankruptcy process and that will take time but as we look at this we're bullish on the straight that they have greatalance and great infrastructure to have our renaissance like it deserves gerri: great's information we appreciate you coming on. , back. >> my pleasure. i am happy to come back. gerri: a lot still to come how to turn your part-time job into full-time and the they are sending your kid to college but what about loans for day care? i am not kidding. we will talk about it. next. (announcer) at scottrade, our clients trade and invest exa
new buildings so what does detroit we do to make it out of the bankruptcy? >> there's been a lot of great things happening and we have been involved with that over the last two or three years to invest in the city. private investment is that the l-time high. that is certainly difficult but it isong overdue that this hpened so we have to address the problems of this city in the bankruptcy is difficult but it is giving us the opportunity to deal with legacy issues to come out the other...
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Aug 30, 2013
08/13
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. >> detroit is now the largest u.s. city to file for bankruptcy it cannot match it -- manages self. >> were at the end of the road. we can borrow any more money. john: detroit was -- now in such a wreck. >> for $1,500 you could buy this house. john: for years politicians promised that they would fix detroit. >> detroit show again become the great city that is its destiny. john: instead. >> they turned city hall into a den of bribes and kickbacks making themselves rich. john: is there hope for places like detroit? >> it will turn around the city of detroit. >> the motor city. this is will we
. >> detroit is now the largest u.s. city to file for bankruptcy it cannot match it -- manages self. >> were at the end of the road. we can borrow any more money. john: detroit was -- now in such a wreck. >> for $1,500 you could buy this house. john: for years politicians promised that they would fix detroit. >> detroit show again become the great city that is its destiny. john: instead. >> they turned city hall into a den of bribes and kickbacks making themselves...
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Aug 19, 2013
08/13
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in detroit, it's speak now or forever hold your peace. today is the deadline for written objections to detroit's bankruptcy filing. wdiv's rod maloney is in the motor city with what's on the line. rod, good to have you. >> reporter: thank you, maria. i'm glad to be here. you know, it's one of the things where tonight at midnight, anybody who objects to the bankruptcy filing by the city has to do that. so, in fact, this morning, a large group of detroiters got together out in front of the bankruptcy court here, from the national action network, reverend al sharpton organization, and they started out filling paperwork and submitted it to the bankruptcy court today. it showed up in the filing. along with them were a lot of other creditors looking to try and derail this process. and what many people don't understand about municipal bankruptcy is that you can't just file and then you are in bankruptcy. it is a qualification process. and so, what they're doing here is they're making their objections known to the judge, telling him that they don
in detroit, it's speak now or forever hold your peace. today is the deadline for written objections to detroit's bankruptcy filing. wdiv's rod maloney is in the motor city with what's on the line. rod, good to have you. >> reporter: thank you, maria. i'm glad to be here. you know, it's one of the things where tonight at midnight, anybody who objects to the bankruptcy filing by the city has to do that. so, in fact, this morning, a large group of detroiters got together out in front of the...
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Aug 10, 2013
08/13
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FOXNEWS
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land in detroit right now is cheap. you can buy a house there if you want, but no one wants to right now. all right. so go elsewhere. >> all right. is part of the solution credit? >> i thought that was how we developed alaska, incentivizing people out there. but the government's had a role of developing this country. the private sector is strong enough now to handle the for profit housing market. there is a way to make money from a lot. there's all of these funds that are buying dilapidated properties. however, when you have a situation that's uneconomic where there is no free market solution, that's when it becomes the role of government. when you've got a house that's dilapidated, it's not going to go away if it's worth nothing like in detroit, for example. otherwise it's like a manmade disaster like a dust bowl. we have to fix up our own mistakes we made. >> okay. john, you've heard it all. >> frannie and freddie are going away, why aren't you celebrating? >> i was just in france, and, believe me, they like texan wea
land in detroit right now is cheap. you can buy a house there if you want, but no one wants to right now. all right. so go elsewhere. >> all right. is part of the solution credit? >> i thought that was how we developed alaska, incentivizing people out there. but the government's had a role of developing this country. the private sector is strong enough now to handle the for profit housing market. there is a way to make money from a lot. there's all of these funds that are buying...
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we should compare chicago of today to detroit of today, we should prepare chicago today to detroit of 20, 30 years ago and this is the fulcrum point for this mayor. is he going to take on the public employee unions, nine out of ten city workers are unionized? his political power comes from the unionized work force. the trick the mayor is, how does he take down his political face and cut expenditures and 78% of the budget spending. >> right, i want your judgment because he's got to get, i mean, serious concessions from those unions. he just got to do it otherwise, they're -- i mean, they really are in deep trouble. so, my question. >> right. stuart: can he do it? could he get the concessions from his own base and get them to give back a ton of money? can he do it? >> i think he can get some of it. he's going to try to convince the union leaders and rank and file that they have to take a hair cut and never get enough money from the state of illinois, from the country and the federal government is also broke and there's just no money and no appetite for a bailout of chicago let alone det
we should compare chicago of today to detroit of today, we should prepare chicago today to detroit of 20, 30 years ago and this is the fulcrum point for this mayor. is he going to take on the public employee unions, nine out of ten city workers are unionized? his political power comes from the unionized work force. the trick the mayor is, how does he take down his political face and cut expenditures and 78% of the budget spending. >> right, i want your judgment because he's got to get, i...
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it is interesting because we do look and say it for the detroit. i don't think people realize they are sitting on something very similar. >> this is something that is going to happen in cities and states all across america. what we see in detroit is a precursor for the fiscal calamities that are going to occur because of unsustainable pensions and unaffordable health care costs. these have added up and we will have to pay for it one way or the other. liz: we are talking about is pensions, what we haven't talked about are the health benefits owed to government workers. i think the american people, the viewers think of themselves we are and are breaking point with property taxes and we won't pay for necessities have to merge with each of the. we are seeing that in california where cities are merging to take care of the cost of urban sprawl which is too expensive and doesn't work. >> these costs of course are not going away no matter how you restructure its things and you're absolutely right. when it comes to health care costs the unfunded liability f
it is interesting because we do look and say it for the detroit. i don't think people realize they are sitting on something very similar. >> this is something that is going to happen in cities and states all across america. what we see in detroit is a precursor for the fiscal calamities that are going to occur because of unsustainable pensions and unaffordable health care costs. these have added up and we will have to pay for it one way or the other. liz: we are talking about is pensions,...
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Aug 19, 2013
08/13
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not happy with the detroit bankruptcy filing. they need to speak up today or hold their peace. holding back financial aid to egypt. do we need to cut off all of the money going to that country? a raspberry instead of blackberry. the movie about steve jobs came in second at the box office over the weekend. listen to this. some wood off to lease themselves rather than till death do us part.
not happy with the detroit bankruptcy filing. they need to speak up today or hold their peace. holding back financial aid to egypt. do we need to cut off all of the money going to that country? a raspberry instead of blackberry. the movie about steve jobs came in second at the box office over the weekend. listen to this. some wood off to lease themselves rather than till death do us part.
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Aug 20, 2013
08/13
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look, here's my watch from detroit. >> me, too. >> i love it. a great watch. >> yeah, how old are you, bob? we all have watches, too. okay? >> okay, all right. >> ask the intern. >> i did try the google glasses, though, whether they were down here. the google guys. you're right, maria, an awful lot going on. that one i'm having a hard time getting used to. i love my shinola. crummy 6% gain in the s&p 500. it's the best day since august 1st, believe it or not. that's how tough things have been. the emerging markets are a little calmer today. that may be helping stocks and bonds, up here in the united states. a little bit of flight to safety. it is again light volume. bear that in mind. we'll get more news flow, thank you, tomorrow, the home sales and fomc minutes will be out. people keep asking me, should i get out of emerging markets? can i point out, attempts at bottoming in china and brazil, over a month ago. china is up this month. brazil is up. and a lot of economic flow news out of china that's notably better. a lot of internet stuff playin
look, here's my watch from detroit. >> me, too. >> i love it. a great watch. >> yeah, how old are you, bob? we all have watches, too. okay? >> okay, all right. >> ask the intern. >> i did try the google glasses, though, whether they were down here. the google guys. you're right, maria, an awful lot going on. that one i'm having a hard time getting used to. i love my shinola. crummy 6% gain in the s&p 500. it's the best day since august 1st, believe it or...
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Aug 19, 2013
08/13
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they are saying is detroit really bankrupt? >> there are a lot of people who will take issue with what detroit is trying to do. it is important to remember before they got here. they are responsible for their own on doing. until a couple years ago, if you are a public safety official in detroit, you could retire at 55 with 80% of your salary and health care. this is the day of reckoning. it is important that this be done right. this is the first city that is trying. dagen: that raises the issue. so many others have been thrown up their. those cities would not act, with day, jason, until it is clear that detroit can do this. >> that is why it is so important here. they are saying that this violates the constitution. you cannot reduce benefits for retirees. that violates the state constitution. what some of us are hoping is these contracts can be renegotiated. if they get away with protecting retiree benefits through this chapter nine filing, what you will see is other cities using chapter nine. we do not want it to happen. that
they are saying is detroit really bankrupt? >> there are a lot of people who will take issue with what detroit is trying to do. it is important to remember before they got here. they are responsible for their own on doing. until a couple years ago, if you are a public safety official in detroit, you could retire at 55 with 80% of your salary and health care. this is the day of reckoning. it is important that this be done right. this is the first city that is trying. dagen: that raises the...
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detroit needs help. neil: you don't top go there, i got it -- you don't want to go ere i got it. >> i can do it from here. neil: mel car karmazin, a pleas, we know you don't do did that often so thank you we appreciate it. >> thank you. neil: that independent thinking short supply my friend, maybe reason whyear in the deep poop we are in, we'll have more. [ heart beating, monitor beeping ] woman: what doou mean, homeowners insurance doesn't cover floods? [ heart rate increases ] man: a few inches of water caused all this? [ heart rate increases ] woman #2: but i don't even live near the water. what you don't know about flood insurance may shock you -- including the fact that a preferred risk policy starts as low as $129 a year. for an agent, call the number that appears on your seen. neil: we're saying we're due for their dip? >> i'm not suggestions we're due for a dip, i am just suggestions that kumbaya that i'm hear with reference is single housing market will not withstand the test of time. >> people
detroit needs help. neil: you don't top go there, i got it -- you don't want to go ere i got it. >> i can do it from here. neil: mel car karmazin, a pleas, we know you don't do did that often so thank you we appreciate it. >> thank you. neil: that independent thinking short supply my friend, maybe reason whyear in the deep poop we are in, we'll have more. [ heart beating, monitor beeping ] woman: what doou mean, homeowners insurance doesn't cover floods? [ heart rate increases ]...
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Aug 15, 2013
08/13
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new york citnew york city to bee fate as detroit. dealing with the pension and health care cost that has mayor bloomberg calling the risk of a bankruptcy a real concern. connell: david lee miller joins us. >> consider this, detroit is the largest u.s. city to ever declare bankruptcy. up to $18 billion. a little more than three months time. they will elect a new mayor, just days ago mayor bloomberg had his words reverberated around new york. >> bloomberg says pension and health care cost contributing to the financial ruins threaten the economic stability. most new york city employees and retirees pay nothing for $6.3 billion in annual health insurance. workers pay little for pension that have taxpayers on the hook for $8 billion this year. spiegel in your city has 10,000 police officers retired were for under 40 and clayton pensions and they will collect the pensions for the rest of their lives. >> expired at least three years ago, the next mayor will be under pressure to win concessions. >> the unions have tried to wait it out. putti
new york citnew york city to bee fate as detroit. dealing with the pension and health care cost that has mayor bloomberg calling the risk of a bankruptcy a real concern. connell: david lee miller joins us. >> consider this, detroit is the largest u.s. city to ever declare bankruptcy. up to $18 billion. a little more than three months time. they will elect a new mayor, just days ago mayor bloomberg had his words reverberated around new york. >> bloomberg says pension and health care...
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Aug 22, 2013
08/13
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detroit would not have this now if we would not have a normal interest rate. that is a fact. lou: that is in a fact. there are so many other variables in there. we have this equilibrium of the employee unions, city governments that have been woefully lagged and managed. what are your thoughts about this from here? >> well i think people are getting far too historic about the potential quantitative easing. i think that a moderate reduction would be that dramatic. we gradually run out of people with high rate mortgages. you run out of other people who have benefits. so by definition, it has less of an impact. so it is more and more money producing less and less impact. it doesn't strike me as the right thing. lou: your outlook for growth ann appreciation of the markets? >> i think that we will stumble along mainly driven by a sharehder revolution. grant theexport licenses, six the balance, lower everyone's utility groups. that would really stimulate the economy and the market. lou: thank you for being on. we look forward to seeing you soon. up next, thousands training and armin
detroit would not have this now if we would not have a normal interest rate. that is a fact. lou: that is in a fact. there are so many other variables in there. we have this equilibrium of the employee unions, city governments that have been woefully lagged and managed. what are your thoughts about this from here? >> well i think people are getting far too historic about the potential quantitative easing. i think that a moderate reduction would be that dramatic. we gradually run out of...
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Aug 19, 2013
08/13
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not in detroit they didn't. and those are the ones that ultimately have their hands on that crumbling city. i give rick snyder credit, the governor there, for standing up and saying we've got to do something about this. >> and you think the objections from 30 municipal unions, which is no surprise, you think that's going to work or is this going to be thrown out? >> no, i think in the end it's going to be thrown out. you've got to he can power the taxpayers to be in charge. >> we've got a million other questions about this and other things on the other side of the break. please stay with us. governor scott walker of wisconsin will be here. hero: if you had a chance to go anywhere in the world, but you had to leave right now, would you go? man: 'oh i can't go tonight' woman: 'i can't.' hero : that's what expedia asked me. host: book the flight but you have to go right now. hero: (laughs) and i just go? this is for real right? this is for real? i always said one day i'd go to china, just never thought it'd be toda
not in detroit they didn't. and those are the ones that ultimately have their hands on that crumbling city. i give rick snyder credit, the governor there, for standing up and saying we've got to do something about this. >> and you think the objections from 30 municipal unions, which is no surprise, you think that's going to work or is this going to be thrown out? >> no, i think in the end it's going to be thrown out. you've got to he can power the taxpayers to be in charge. >>...
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Aug 29, 2013
08/13
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detroit making way for american-made autos. >>> is there real money to be made in music? we're going on crank up the music, when we come back. ♪ make it happen with the all-new fidelity active trader pro. it's one more innovative reason serious investors are choosing fidelity. get 200 free trades when you start using active trader pro today. is. >>> let's talk some ford, right? it says it is going to add 1400 american jobs. >> let's break out the air dancer. ford saying -- here you go -- all american air dancer. ford says it's part of a plan to bring 12,000 hourly jobs back to the u.s. by the year 2015. phil lebeau, you're jumping forward. i know you've been in flat rock, michigan all day long. i know our colleagues at cnbc doing great things here. sa is all of ford leaving mexico, just part? what's the story? >> the story is this is part of an expansion here in the united states. 1400 jobs being added at the flat rock plant, a second shift. half of ford's plants in the united states will be running on three shifts. so you're talking about greater efficiency at its plan
detroit making way for american-made autos. >>> is there real money to be made in music? we're going on crank up the music, when we come back. ♪ make it happen with the all-new fidelity active trader pro. it's one more innovative reason serious investors are choosing fidelity. get 200 free trades when you start using active trader pro today. is. >>> let's talk some ford, right? it says it is going to add 1400 american jobs. >> let's break out the air dancer. ford...
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Aug 12, 2013
08/13
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>> hie, yeah, charles, on the detroit thing, because i'm from detroit, i'm in detroit. i have to say one thick about that check. yes, we know that was a big mistake, one million in the drawer, you know, kind of like the 13 billion dollars that went poof in the bush administration in iraq. >> nancy, come on. nancy. >> you know, what was not breaking news, what was not national news is we had an election, a mayor primary, the election last week, and in the city of 80% black population, a white guy, a write-in won, a guy who turned around eight hospitals, mike dougin won in a city of 80% african-american people. why is that not big news? that, you know, somebody because of the fiscal abilities was elected by the people of detroit, so to just say go back to the old, oh, a check missing in the drawer. >> in reality, though, to talk about fixing anything, i don't care what it is, an alcoholic or whatever it is, first and foremost, admit you have a problem. i think you, to a certain problem did that by electing someone that may be the city might not have elected before. this i
>> hie, yeah, charles, on the detroit thing, because i'm from detroit, i'm in detroit. i have to say one thick about that check. yes, we know that was a big mistake, one million in the drawer, you know, kind of like the 13 billion dollars that went poof in the bush administration in iraq. >> nancy, come on. nancy. >> you know, what was not breaking news, what was not national news is we had an election, a mayor primary, the election last week, and in the city of 80% black...
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it is in trouble like every state in the nation, but no shape like detroit. you want to be here in the summer in chicago. if i moved, i would probably move in the winter. stuart: it is a friday morning and summer. i see people ripping up contracts behind you and chucking it behind you. larry, the fed is still all about when ben quits or reduces printing, isn't it? >> where the dallas fed president the last couple of days talk about how complicated of a situation this is. that is looking the market little bit but not a whole lot. the stock index trading bejg me still sitting at all-time highs. wwe're thinking but when is bernanke going to be talking about it. that is when the market will really get spooked and lose a lot of ground. stuart: thank you very much, indeed, out there in chicago. the opening bell is ringing. we expect the (to be lower, and it is. this will be a slow trading session, a thin market, thinly traded, but expecting 30 points down in the first few minutes. i want to know about priceline. the stock has been up by about a half this year. had
it is in trouble like every state in the nation, but no shape like detroit. you want to be here in the summer in chicago. if i moved, i would probably move in the winter. stuart: it is a friday morning and summer. i see people ripping up contracts behind you and chucking it behind you. larry, the fed is still all about when ben quits or reduces printing, isn't it? >> where the dallas fed president the last couple of days talk about how complicated of a situation this is. that is looking...
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Aug 13, 2013
08/13
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in detroit, a judge has the states bankruptcy case. 18 billion liabilities. the national federation says optimism is out. 94.1. that is up six times of one point. more people are paying their credit card bills on time. that is the latest from the fox business network. giving you the power to prosper. ♪ dagen: international speedway corporation breaking ground last month on a renovation of flagship. they are trying to boost attendance. i finally get to interview you, lisa. why do this now? >> $8.2 billion tv deal. a lot to do and choices to make. we will make a better experience for them. dagen: attendance has been a struggle. ratings have somewhat stabilized. this deal was quite easy to put together. we have rebounded. our attendance is rebounding. it will appeal to a younger group. dagen: the seats will be wider. there will be more restrooms. >> we will have a lot more opportunities for sponsorship. there will be revenue coming in from the sponsorship side. dagen: there are 11 other tracks. at which of those tracks will you also be reducing capacity? >> we
in detroit, a judge has the states bankruptcy case. 18 billion liabilities. the national federation says optimism is out. 94.1. that is up six times of one point. more people are paying their credit card bills on time. that is the latest from the fox business network. giving you the power to prosper. ♪ dagen: international speedway corporation breaking ground last month on a renovation of flagship. they are trying to boost attendance. i finally get to interview you, lisa. why do this now?...
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Aug 1, 2013
08/13
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>> eric, i know you're joining us from detroit. a quick question regarding the sales for you guys, up more than 11%. but when you take a look at where trucks were, the real engine of your growth. are you seeing strength in one particular area of truck sales around the country, or is it pretty much across the board? >> it's pretty much across the board, phil. we are seeing some strength in some of the hotter housing markets, such as in california, new york and places like miami, but we're seeing truck strength really across the board. there really aren't any regions across the country that are down on trucks right now. >> while your truck sales were up 22.6%, i want to talk about the fusion, which is your top-selling car. sales down 12%. i know you were supply constrained because you were ramping up production at your flat rock assembly plant, but it brings up the question, did you leave some sales on the table last month? >> well, certainly if we had more inventory on some of our key vehicles like the fusion, we probably could have
>> eric, i know you're joining us from detroit. a quick question regarding the sales for you guys, up more than 11%. but when you take a look at where trucks were, the real engine of your growth. are you seeing strength in one particular area of truck sales around the country, or is it pretty much across the board? >> it's pretty much across the board, phil. we are seeing some strength in some of the hotter housing markets, such as in california, new york and places like miami, but...
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Aug 29, 2013
08/13
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we're all about detroit today. what do you think detroit's best export is? music, cars, hockey, all kind of stuff. tweet us #waytooearly. we'll have the best ones later in the show. i have one i love coming into my inbox. can you say inbox on twitter, jen? still ahead on "way too early." shocking revelations and a new report about aaron hernandez. the alleged drug use and which specific drug he was using that may have played a part in the downfall. >> also the sound of detroit. it's fantastic. we'll take you to the motown museum to show you how one man's vision turned into the musical revolution of an entire country. that when we come back. [ male announcer ] come to the golden opportunity sales event to experience the precision handling of the lexus performance vehicles, including the gs and all-new is. ♪ this is the pursuit of perfection. is that true? says here that cheerios has whole grain oats that can help remove some cholesterol, and that's heart healthy. ♪ [ dad ] jan? it's delicious. so now we've turned her toffee into a business. my goal was to
we're all about detroit today. what do you think detroit's best export is? music, cars, hockey, all kind of stuff. tweet us #waytooearly. we'll have the best ones later in the show. i have one i love coming into my inbox. can you say inbox on twitter, jen? still ahead on "way too early." shocking revelations and a new report about aaron hernandez. the alleged drug use and which specific drug he was using that may have played a part in the downfall. >> also the sound of detroit....
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Aug 30, 2013
08/13
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FBC
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bring detroit back because people invested detroit. john: you wrote the book to try to explain this to people. it's titled belle isle, the detroit game changer. the new york times, i'm not surprised to must near you. the writer said that the book has the hero landi on the rooftop helipad of the 57 story hotel. it makes the entire scheme very easy to mock as objective is to fan fiction. objective is referring to eyeing rand. you are a fan of hers. >> i am. hn: you talk of having a billion dollars, trying to buy this from the city. within this city would gym but that. politicians often surprise me. detroit city council members don't want to give up much of anything when michigan's governor offered to have the state takeover belle island park since detroit can't even afford to maintain it, local politicians screamed. >> you may not take over bell island. it belongs to the people. john: it belongs to the people, not to you. >> this would create a lot of jobs and opportunity. right now there's no hope for the future. this would create that
bring detroit back because people invested detroit. john: you wrote the book to try to explain this to people. it's titled belle isle, the detroit game changer. the new york times, i'm not surprised to must near you. the writer said that the book has the hero landi on the rooftop helipad of the 57 story hotel. it makes the entire scheme very easy to mock as objective is to fan fiction. objective is referring to eyeing rand. you are a fan of hers. >> i am. hn: you talk of having a billion...
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chicago and detroit? i spent time in both places, anybody who have been to those places say chicago's nothing like detroit, and look at the reasons that it actually doesn't make sense they would be on the same path. chicago, different city than detroit in that there's a strong tax base, a growing population. detroit's population, you know, famously has slunk dramatically. there's companies moving into town, boeing recently relocated its corporate headquarters here, and it's also a multiindustry city, not like detroit with a single industry that drives the town, but here's how they are the same. pensions, it comes down to pensions. municipal pensions. chicago has four pension funds, short about $20 billion. they got a budget deficit of about three-quarters of a million dollars. moody's downgrade the the city, and it's not going to get better as time goes on. in 2015, a new state law requires even more to be put into the pension funds, and that could cause property tax increase of maybe a hundred to 150%. a
chicago and detroit? i spent time in both places, anybody who have been to those places say chicago's nothing like detroit, and look at the reasons that it actually doesn't make sense they would be on the same path. chicago, different city than detroit in that there's a strong tax base, a growing population. detroit's population, you know, famously has slunk dramatically. there's companies moving into town, boeing recently relocated its corporate headquarters here, and it's also a multiindustry...
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Aug 19, 2013
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. >> although we do think city employees working for detroit did think th would get a reasonable retirement compensation the pension cut of even 20 percent could be devastating with the mismanagement of the budget is a reason to eliminate pensions. >> the it is helped to elect the same liberal idiots that lost their pension-fund they reaped the benefits now they should pay for their mistakes as the only way we will ever regain control of the lost government. >> great e-mail's. e-mail me. finally, it is frustrating not there as an individual investor first the.com both in the mortgage meltdown then the great recession. it is tough to keep the faith when your portfol and gyms around like a yo-yo but the top story of alternative investments points out the desperate place people will go to get a retn. the trouble there is many have exorbitant fees and the performance does not make it worthwhile to invest a think we should think of alternative investing in a different way but pick something you know, or love or somebody else and starts a new business american ingenuity comes in different package
. >> although we do think city employees working for detroit did think th would get a reasonable retirement compensation the pension cut of even 20 percent could be devastating with the mismanagement of the budget is a reason to eliminate pensions. >> the it is helped to elect the same liberal idiots that lost their pension-fund they reaped the benefits now they should pay for their mistakes as the only way we will ever regain control of the lost government. >> great e-mail's....
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Aug 13, 2013
08/13
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louis, pittsburgh, chicago, detroit. when you tax people''s income, they pick up and leave. >> that's the argument made a lot in this. i guess the left, and i hear president obama say this or hint at it, if taxes are everywhere, it's only a trickle of people that leave. it's one thing to leave california and move to texas, if we tax them all the same, it doesn't matter. >> the left doesn't acknowledge the fact that people move and take their homes and their families away from high tax situations. >> is there a tax level you renounced your u.s. citizenship? >> up to, i think, 60% is ridiculous. >> 50 now? new york city, i mean, just about everyone. >> in the chamber of dc, facts don't get in about the debate. >> i like to believe i would stand and fight, but we talk about 80%, i would stand and fight. thank you, we had fun. dagen, over to you now. >> thank you so much, charles. no way, says the doj. justice department filawsuit tof u.s. airways and america. the stocks selling off. bill off the board, and at jcp erks nney,
louis, pittsburgh, chicago, detroit. when you tax people''s income, they pick up and leave. >> that's the argument made a lot in this. i guess the left, and i hear president obama say this or hint at it, if taxes are everywhere, it's only a trickle of people that leave. it's one thing to leave california and move to texas, if we tax them all the same, it doesn't matter. >> the left doesn't acknowledge the fact that people move and take their homes and their families away from high...
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. >> they're committed to seeing detroit do better. we'll talk about that we'll talk about the housing market. what is the future of loans right now. ashley: yay. >> where are we going with that. ashley: very good. tracy: good stuff. >> it will be a lot of fun. tracy: don't miss "the willis report" tonight 6:00 and 9:00 p.m. eastern right here on fox business. ashley: president obama set to give a news conference in about half an hour. he doesn't do these very often in front of the press corps. there is a lot to talk about before he goes on vacation from terror to immigration reform and oh, yeah, the debt ceiling. chief political correspondent byron york will be us to talk about the interview. tracy: as we go out to break look at winners and losers on the nasdaq. we'll be right back. if you've got it, you know how hard it can be to breathe and man, you know how that feels. copd includes emphysema and chronic bronchitis. spirivis a once-daily inhaled copd maintenance treatment that helps open my obstructed airways for a full 24 hours. y
. >> they're committed to seeing detroit do better. we'll talk about that we'll talk about the housing market. what is the future of loans right now. ashley: yay. >> where are we going with that. ashley: very good. tracy: good stuff. >> it will be a lot of fun. tracy: don't miss "the willis report" tonight 6:00 and 9:00 p.m. eastern right here on fox business. ashley: president obama set to give a news conference in about half an hour. he doesn't do these very often...
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dagen: i am a daily reader of the detroit free press. it was last week you ran article about some of the things that were bothersome like car loans, the terms are getting longer. why is that disturbing? why should we be concerned about that? >> a couple things to keep an eye on to make sure they don't get out of whack and one of the ms. this 72 month, six your car loan accounted for 30% of sales in july. that is a long time supporting higher sales prices for cars. the average car costss$28,000. that is good but if people are stuck in loans that are so long that the car's worth less than they owe that is a problem. dagen: one last thing. how do people in default if the elected a bankruptcy filing? talking about how great car sales are but how are the folks doing? >> it is a mixed picture. there is nervousness, there is a feeling that a lot of this had to happen, it was inevitable and the future is better but how we get from here to the future is an uncharted road. dagen: thanks for being here, you're welcome back anytime, taught cars all
dagen: i am a daily reader of the detroit free press. it was last week you ran article about some of the things that were bothersome like car loans, the terms are getting longer. why is that disturbing? why should we be concerned about that? >> a couple things to keep an eye on to make sure they don't get out of whack and one of the ms. this 72 month, six your car loan accounted for 30% of sales in july. that is a long time supporting higher sales prices for cars. the average car...
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Aug 30, 2013
08/13
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and bankrupt detroit's mcdonald closed. what, have you got anything to say about this $15 an hour fast food wage? >> this is unbelievable, stuart. it's so easy for the unions and politicians to go after multi-billion dollar corporations, these ceo's, who this has nothing to do with mcdonald's. they don't control the franchise wage scale. so you have mom and pop stores that are affected by this. less than 5% of fast food workers are affected by minimum wage. the average minimum wage worker in the united states, the family brings in $53,000 a year, and this is a grab and they're trying to get it through the minimum wage argument. stuart: relax, john, you've got the beach behind you and you'll be there i'm sure. >> yes, sir. stuart: he's in bermuda. great weekend to you. the top of the hour we've got the man who wrote the book on unions. and does he think this administration is going to cave to the recent union demands for obama care changes? he's coming up, top of the hour. a big question on obama care. two people on this sho
and bankrupt detroit's mcdonald closed. what, have you got anything to say about this $15 an hour fast food wage? >> this is unbelievable, stuart. it's so easy for the unions and politicians to go after multi-billion dollar corporations, these ceo's, who this has nothing to do with mcdonald's. they don't control the franchise wage scale. so you have mom and pop stores that are affected by this. less than 5% of fast food workers are affected by minimum wage. the average minimum wage worker...
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Aug 12, 2013
08/13
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. >> it's easy owe make will call because munis got hurt on the detroit concern. is that an issue we'll see further problems with other municipalities down the road? >> that's a great point, bob. i think you'll see more complicated issues per state, but those are the ones where, you know, a good portfolio manager is going to look and say what are the revenues and tax revenues that will always be there? we'll be in our cars and rvs passing through turn pikes. >> you betcha. >> but it's an important point, and also to your point about china just getting back to the global markets. you're looking at a pe ratio going forward in the capital markets in europe about 12 to 13 times versus the united states which are approaching 14, 15 times so we're getting to be a little better value outside this country and a big contrarian indicator for portfolio workers. so having the "wall street journal" say emerging markets may have lost their luster, on the flip side i think there may be better values. >> appreciate it, j.j. burns. ty, up to you. >> general motors saying so long t
. >> it's easy owe make will call because munis got hurt on the detroit concern. is that an issue we'll see further problems with other municipalities down the road? >> that's a great point, bob. i think you'll see more complicated issues per state, but those are the ones where, you know, a good portfolio manager is going to look and say what are the revenues and tax revenues that will always be there? we'll be in our cars and rvs passing through turn pikes. >> you betcha....
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Aug 6, 2013
08/13
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one difference between chicago and detroit. detroit is a one industry town. the president could make the argument if we bail them out it would help the automotive and all of these jobs. chicago the main industry is crime. and big safety budget and they don't have a money for budgets and union pressure. what happened? >> everyone is talking about chicago. it is in a similar boat to detroit. namely it spent too much and borrowed too much and cannot repay and pensions above all else, pensions are the killer. they have a teacher's union fun in collapse and four other pension funds have a liability of 19 billion. and what is ra m emmanuel going to do? he has to taken on the unions and beat back the pension and he will not get help from the state of illinois and he can't raise taxes they are sky high already and this is what you alluded to will not get a bail out from president obama. >> you don't think so. >> if the president helps detroit, he will have to help chicago and other cities that are hurting because of pension obligations. if, manual cannot get concessi
one difference between chicago and detroit. detroit is a one industry town. the president could make the argument if we bail them out it would help the automotive and all of these jobs. chicago the main industry is crime. and big safety budget and they don't have a money for budgets and union pressure. what happened? >> everyone is talking about chicago. it is in a similar boat to detroit. namely it spent too much and borrowed too much and cannot repay and pensions above all else,...
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Aug 3, 2013
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riots in 1967 detroit and mayor young caused a white flight to sub suburb-ia and detroit is left with nothing but liberal democrats running it. it is what it is. any place in this country that has similar circumstances, the same fate is going to happen to them. now what was your other thing about poverty? >> poverty. lbj said the war on poverty, we're going to have legislation to try to eradicate. the poverty's growing. it's not getting better. there are a lot of people suffering. >> yeah, imagine that. and it's been the number one issue of the democrat party out of their mouths for well, since 1964 when lbj first started it. poverty percentage-wise the same number of people. in fact under obama it's gotten worse. four out of five american families are experiencing poverty. 9 million jobs have been lost. pardon me. since obama took office. 9 million. they're just gone. because of his policies. well, the arena ideas this is what the republican is not standing up. they're not pushing back. they're not articulating what is the opposite of this. and one of the things, i mean, you can poin
riots in 1967 detroit and mayor young caused a white flight to sub suburb-ia and detroit is left with nothing but liberal democrats running it. it is what it is. any place in this country that has similar circumstances, the same fate is going to happen to them. now what was your other thing about poverty? >> poverty. lbj said the war on poverty, we're going to have legislation to try to eradicate. the poverty's growing. it's not getting better. there are a lot of people suffering....
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Aug 14, 2013
08/13
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let's separate out detroit. is detroit teaching us anything? is there a prognosis for detroit? is there anything to be learned by muni investors based on the horrible detroit experience? >> well, i mean, detroit, i think that what it shows is obvious situations are, you know, an obvious thing to avoid. situations like detroit which has been coming for 50 years is really in the end an actual problem for the market. you know, it could have other effects. i think the governor's plan with respect to detroit is to set some kind of precedent to induce other cities in the state to file. i don't think that that's actually going to happen. filing for bankruptcy is probably one of the very worst things that can happen to a city. so it's hard to see. i've talked to a bunch of mayors. it's hard to see other cities and mayors wanting to follow detroit. nobody wants to be detroit, but as an investor, it just makes you think a little more clearly about what exactly it is you're buying and the kind of situation you are getting yourself into. >> all right. let's now jump into my own backyard. y
let's separate out detroit. is detroit teaching us anything? is there a prognosis for detroit? is there anything to be learned by muni investors based on the horrible detroit experience? >> well, i mean, detroit, i think that what it shows is obvious situations are, you know, an obvious thing to avoid. situations like detroit which has been coming for 50 years is really in the end an actual problem for the market. you know, it could have other effects. i think the governor's plan with...
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Aug 5, 2013
08/13
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. >> robert with the latest on detroit's art collection. now, about 45 minutes to go before the closing bell and dow is sitting down about 45 points. >> big news out of china. the government there reportedly considering its one-child-only policy -- or reconsidering, which could have a huge global economic impact. that story is next. >>> then, the street battle that seems to be targeting hedge fund bill ackman is heating up again. now, george's fund is involved and now ackman is throwing out accusations like insider trading. we'll get you the details on that. >>> and another hedge fund battle, the fallout after george clooney's harsh words for dan loeb saying wall street guys know nothing about the movie business, but who funds much of the movie business? we'll talk to a hollywood movie producer about where the movie money comes from and how much of it is from wall street. you may be surprised by those facts. [ male announcer ] come to the lexus golden opportunity sales event and choose from one of five lexus hybrids that's right for you, in
. >> robert with the latest on detroit's art collection. now, about 45 minutes to go before the closing bell and dow is sitting down about 45 points. >> big news out of china. the government there reportedly considering its one-child-only policy -- or reconsidering, which could have a huge global economic impact. that story is next. >>> then, the street battle that seems to be targeting hedge fund bill ackman is heating up again. now, george's fund is involved and now...
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Aug 29, 2013
08/13
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for the first time at a plant near detroit. they hired 1400 new workers for the plant which will produce 15,000 vehicles a year. that's 30% more than in mexico. >> and nintendo cutting the price on the wii u game console to compete with the xbox one and playstation 4. that's in time for the holidays. back over to you. >> don't you love talking about the holidays in august. >> there we go. >> thank you, jackie. speaking of minimum wage, four strippers filed a class action lawsuit in colorado federal court. they claim that their employer, fantasy gentlemen's club in grand junction violated federal and state minimum wage laws. >> ladies just want to get paid. and a delta 4 heavy rocket was launched on wednesday. the classified payload is believed to be $1 billion high powered spy satellite. >>> starbucks is selling a limited crystal incrusted tenth anniversary mug. it's going for $150. >> a popular television commercial selling insurance was the inspiration behind this florida business that brought nomad the camel to work. what's
for the first time at a plant near detroit. they hired 1400 new workers for the plant which will produce 15,000 vehicles a year. that's 30% more than in mexico. >> and nintendo cutting the price on the wii u game console to compete with the xbox one and playstation 4. that's in time for the holidays. back over to you. >> don't you love talking about the holidays in august. >> there we go. >> thank you, jackie. speaking of minimum wage, four strippers filed a class action...
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Aug 19, 2013
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. >>> a deadline looming in the detroit bankruptcy case. any objections to the city's bankruptcy filing have to be filed by 11:59 p.m. eastern time tonight. so far the only ones who filed legal objections have been former city workers. a court hearing to determine if detroit can file for chapter 9 bankruptcy is scheduled for late october. i know joe has been working on his filing. >> on what? >> bankruptcy filing? >> eventually. >> in dodd-frank. barry is here. we can ask him. >> did you read that? >> you have an idea. >> you must love that. >> where are we in terms of i don't know how you want to measure it? baseball games. >> 50 years. >> in terms of what's written? >> yes, but some people would say that the 50% that is not done is a horrible piece. >> we've also gone from 800 pages to 9,000 pages to get halfway done? >> exactly. >> and it was a 2010 law, and then you have obama care, the other big piece of legislation. 60 or 70%. >> two crappy weeks we're coming off. how bad it was. let's get some outlooks from our panel. joining us now
. >>> a deadline looming in the detroit bankruptcy case. any objections to the city's bankruptcy filing have to be filed by 11:59 p.m. eastern time tonight. so far the only ones who filed legal objections have been former city workers. a court hearing to determine if detroit can file for chapter 9 bankruptcy is scheduled for late october. i know joe has been working on his filing. >> on what? >> bankruptcy filing? >> eventually. >> in dodd-frank. barry is here....
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ashley: detroit is trying to track its bankruptcy. we'll tell you what it could mean for creditors and retirees. but first, as we do this time of day let's take a look how oil is trading. essentially flat, a little lower, down 21 cents at $1906.74 a barrel. we'll be right back. -- $106.79 a barrel. [ male announcer ] how do you get your bounce? with the bounce dryer bar, my clothes will be fresh out of the drawer for weeks. and it's great when things last a long time. well...most things. [ male announcer ] how do you get your bounce? [ woman ] can't regret fresh. tracy: that time of day charles payne looking a oil in new guinea? >> papua, new guinea. this one is a little bit tough. everyone loves the oil and gas story, particularly natural gas. we love it. tracy: yeah. >> we understand it. papua, new guinea? tracy: a fair amount of people would have to leak on a map to figure out where new guinea is. ashley: to start. >> from a political point of view they have had issues. late last year they put the former prime minister on the board
ashley: detroit is trying to track its bankruptcy. we'll tell you what it could mean for creditors and retirees. but first, as we do this time of day let's take a look how oil is trading. essentially flat, a little lower, down 21 cents at $1906.74 a barrel. we'll be right back. -- $106.79 a barrel. [ male announcer ] how do you get your bounce? with the bounce dryer bar, my clothes will be fresh out of the drawer for weeks. and it's great when things last a long time. well...most things. [ male...
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Aug 27, 2013
08/13
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your link with what's next. 72 who says that detroit should have all of bankruptcy fun. neil: san bernardino, california, not far behind, city wants to crackdown on union benefits now way out of line, so out of line that city fears without the filing it will be finished, michelle fieldses said better to cramp down on unions now for their own sake as well as taxpayers sake. stuart acuff disagrees and said that the workers were promised their pensions, michelle, you think they have to do this now. >> any decision that takes power away from the union is a good decision, san bernardino was originally i middle class nice area, has turned into tons of foreclosures, and tons of poverty, the reason has to do with unions they got involved in the city council elections they put tons of money to ensure that union-backed piticians got elected and made sure that public sector unions got overly generous with salaries and benefits. neil: you don't think there was a lot of hapless oppositions and the left and right, some of whom never supported by union known who was just clueless? >> t
your link with what's next. 72 who says that detroit should have all of bankruptcy fun. neil: san bernardino, california, not far behind, city wants to crackdown on union benefits now way out of line, so out of line that city fears without the filing it will be finished, michelle fieldses said better to cramp down on unions now for their own sake as well as taxpayers sake. stuart acuff disagrees and said that the workers were promised their pensions, michelle, you think they have to do this...
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Aug 30, 2013
08/13
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john: is there hope for places like detroit? >> it will turn around the city of detroit. >> the motor city. this is will we d
john: is there hope for places like detroit? >> it will turn around the city of detroit. >> the motor city. this is will we d
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Aug 8, 2013
08/13
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you want to see detroit's problem, look at this graph. in 1950, there were almost 2 million people in detroit, 2 million. now that number is down to around the 700,000, which means, when your city is shrinking like that, you end up with an eroding tax base. incapable, completely unable to pay off the pension costs that were incurred. and also not just pensions, but city services, infrastructure, all of it. in comparison, over that same period of time, new york has seen its population grow by more than half a million people, it's not been detroit. and another thing, detroit's economy has been nothing short of catastrophic. according to the city's own bankruptcy court declaration, the city lost approximately 80% of its manufacturing base. new york's economy by contrast has been booming. booming under bloomberg for better or worse. the key industry finance remains atop the world. one factor is that the fact that the city remains utterly and unbelievably racially segregated. this is a map of detroit, with dots corresponding for neighborhoods.
you want to see detroit's problem, look at this graph. in 1950, there were almost 2 million people in detroit, 2 million. now that number is down to around the 700,000, which means, when your city is shrinking like that, you end up with an eroding tax base. incapable, completely unable to pay off the pension costs that were incurred. and also not just pensions, but city services, infrastructure, all of it. in comparison, over that same period of time, new york has seen its population grow by...
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Aug 15, 2013
08/13
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detroit emergency manager apologizing after calling some of the city residents those names. and the nfl hit with another concussion lawsuit. 83 former players led by pro-bowlers. they say they are suffering long-term effects from brain injuries sustained during their playing
detroit emergency manager apologizing after calling some of the city residents those names. and the nfl hit with another concussion lawsuit. 83 former players led by pro-bowlers. they say they are suffering long-term effects from brain injuries sustained during their playing
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Aug 20, 2013
08/13
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let the battle begin in detroit. unions are challenging the motor city's bankruptcy filing and cash-strapped cities around the country you can bet are paying close attention. that's next. nicole: we have to check currencies. here is how the u.s. dollar is moving at the moment. right now, 7 years of music is being streamed. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be big. hp moonshot. it's time to build a better enterprise. together. why let erectile dysfunction get in your way? talk to your doctor about viagra. ask if your heart is healthy enough for sex. do not take viagra if you take nitrates for chest pai it may cause an unsafe drop in blood pressure. side effects include headache, flushing, upset stomach, and abnormal vision. to avoid long-term injury, seek immedi
let the battle begin in detroit. unions are challenging the motor city's bankruptcy filing and cash-strapped cities around the country you can bet are paying close attention. that's next. nicole: we have to check currencies. here is how the u.s. dollar is moving at the moment. right now, 7 years of music is being streamed. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less...
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Aug 21, 2013
08/13
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it's happening in detroit. and the fate of those people, their story, is coming up. >>> but first i want to share the three awesomest things on the internet today. we begin with a microblog's twist on one of the summer's most shared photo trends. behold the hot dog legs tumbler. a site that asks the viewing public to determine whether you're looking at a selfie taken on the beach or two frankfurters like a pair of legs. some are calling it the tumbler of the summer. either way, the man is trying to co-opt the trend, fat cat hot dog conglomerates are guessing the game. as for this broadcaster, when it comes to legs and hot dogs, i always prefer hot dogs that have legs. second awesomest thing on the internet today, a video going viral on youtube which features the gospel choir of an unidentified church giving the congregation very healthy advice in this age of social media. ♪ ♪ yes, keep your business off of facebook. it's advice we could all stand to listen to. some of us more than others. and the third awes
it's happening in detroit. and the fate of those people, their story, is coming up. >>> but first i want to share the three awesomest things on the internet today. we begin with a microblog's twist on one of the summer's most shared photo trends. behold the hot dog legs tumbler. a site that asks the viewing public to determine whether you're looking at a selfie taken on the beach or two frankfurters like a pair of legs. some are calling it the tumbler of the summer. either way, the man...
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Aug 29, 2013
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>> if we did it in ohio, detroit, pennsylvania. >> they're doing it in texas. >> it would create jobs. so many opportunities for all americans. there is your answer. >> i want to add one point. i lived in atlanta. the day i arrived in atlanta, my first day on the air i got a call from maynar, d jackson. i got to know andrew young, josea williams. martin luther king's driver. i got to know these guys. what they did many the face of such hostility is an amazing profile in courage. what they did made this country better. >> absolutely. >> the president gave a good speech today, bob. one of the best speeches i have heard him give. >> talk about entitlements. unfortunately president obama has only expanded entitlements to make whites, blacks, hispanics more dependent. it's not helping anybody. you and i know more could be done in washington, d.c. it's cultural. when you have a president who is -- i know you don't like him. i don't like what he does. h's a good father, appearingly a good husband. there are no sex scandals. he's there for his kids. his pants are pulled up. he speaks gramatti
>> if we did it in ohio, detroit, pennsylvania. >> they're doing it in texas. >> it would create jobs. so many opportunities for all americans. there is your answer. >> i want to add one point. i lived in atlanta. the day i arrived in atlanta, my first day on the air i got a call from maynar, d jackson. i got to know andrew young, josea williams. martin luther king's driver. i got to know these guys. what they did many the face of such hostility is an amazing profile in...